Egypt: Maridive obtains $43m contract in the UAE

Valentine Maritime, one of Maridive’s subsidiaries, will supply and implement various offshore constructions in the UAE.

Egypt's Maridive & Oil Services SAE announced that its offshore construction sector obtained a new contract worth $43m in the UAE, according to a statement.

According to the contract, Valentine Maritime, one of Maridive’s subsidiaries, will supply and implement various offshore constructions in the UAE, read the statement.

“The execution of the contract will start at the end of the second quarter of 2016, to be finished by the end of the last quarter,” the statement read. “Therefore, the value of the signed contracts increased to $480m to offer navigational services and offshore construction all over the world.”

In January 2016, the biggest oil services company by fleet size in the Middle East, said its backlog of contracts between 2016 and 2019 amount to $337m.

Maridive will also hand over the Petrofac project in the UAE to Abu Dhabi Marine Operating Company (ADMA-OPCO) by March 2016, reports mentioned.